What are the different costing methods and how do they compare?
An example of an AI chatbot conversation about costing methods comparison.
What are the different costing methods used in accounting?
The main costing methods include job costing, process costing, activity-based costing, and standard costing. Would you like to know more about any specific method?
Can you explain job costing in detail?
Job costing is used when products are made based on specific customer orders. Costs are tracked for each job individually, including materials, labor, and overhead.
How does job costing compare to process costing?
Job costing is suited for unique, custom orders, while process costing is used for mass production of similar items. Each method has its advantages depending on the business type.
What are the advantages of using activity-based costing?
Activity-based costing provides more accurate cost information by assigning costs to specific activities, helping businesses identify profitable products and services.
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